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We are almost there with IMF bailout – CBSL Governor

Published

3 years ago

2022/12/10

The IMF could finalise Sri Lanka’s financing package within three weeks of the country’s main bilateral creditors formally informing the IMF that they would help Sri Lanka restructure its debt, Governor of the Central Bank, Dr. Nandalal Weerasinghe, said on Thursday appearing on a TV programme.

Dr. Weerasinghe said that Sri Lanka had already provided adequate information to the country’s main bilateral creditors and they were in a position to make an informed decision about the role they could play in making Sri Lanka’s debt sustainable.

“Sri Lanka’s ability to secure an IMF package depends on the country’s ability to obtain assurances from our bilateral creditors. We have made good progress with the Paris Club, India, and China. We have had two formal meetings with all donors, and we have given all the information. We have kept providing them with information, through the IMF and our advisors, and the creditors now have sufficient information to decide on what kind of contribution they can make to restore debt sustainability,” he said.

Dr. Weerasinghe said that the next step would be getting financial assurances from all creditors, either collectively or bilaterally, based on what type of relief they would provide. Then the creditors could tell the IMF formally that they are willing to help Sri Lanka reach the debt targets that the IMF has set up, he said.

“Then, we can go to the board and approve the programme we have set up. The IMF needs a maximum of three weeks to get the programme approved. We were making progress and

we were hoping for an IMF programme by December. However, there was some little delay from some of the creditors because of internal issues. If we had got the assurances in November, we were targeting the IMF board meeting which is to be held on 19 December. But we have missed that,” he said.The Central Bank Governor said that some partners have expressed willingness to support Sri Lanka. Among them are China, India, and the Paris Cub.

“When they tell the IMF that they are willing to help formally, we are almost done. We are almost there in my view. Once we get that assurance, the IMF needs a maximum of two to three weeks to prepare all the board papers, circulate with the board members, go to the board and get the programme approved. For example, if we can get the creditors to write to the IMF this month, the IMF can approve this programme in January. The IMF board usually meets two to three days a week,” he said.

Responding to a question whether Sri Lanka is versed in dealing with such matters, Dr. Weerasinghe said working with the IMF is not new to the country. However, previous dealings with the IMF have not been this complex, he said.

“That is we did not have a debt crisis. In the past we have gone to the IMF to address Balance of Payment crises, for financing support and also for advice on the overall macro framework. In this case, we also have to also ensure that our debt is sustainable. That is the additional complication,” he said.

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Landslide Early Warnings issued to the Districts of Kandy and Nuwara Eliya extended

Published

7 hours ago

2026/02/13

Priyan

The landslide early warnings issued to the Districts of Kandy and Nuwara Eliya by the Landslide Early Warning Center of the National Building Research Organisation [NBRO] have been extended until 0600 hrs on the 14th of February 2026.

Accordingly,
The Level II [AMBER] landslide early warnings issued to the Divisional Secretaries Divisions and surrounding areas of Walapane and Nildandahinna in the Nuwara Eliya district and

the Level I [YELLOW] landslide early warnings issued to the Divisional Secretaries Division and surrounding areas of Pathahewaheta in the Kandy district have been extended till 0600AM on Saturday [14]

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Royal Navy of Oman Vessel “SADH” departs island

Published

14 hours ago

2026/02/13

Priyan

The Royal Navy of Oman Vessel “SADH” which arrived in Sri Lanka for replenishment purpose, departed the island on 12 Feb 26.

In accordance with naval tradition, the Sri Lanka Navy extended a customary farewell to the departing ship.

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“We will not make decisions for rural level schools while sitting in Colombo” – PM

Published

15 hours ago

2026/02/13

Priyan

The Minister of Education, Higher Education and Vocational Education Prime Minister Dr. Harini Amarasuriya stated that aligning with the development activities carried out under the new education reforms, decisions at the rural level will not be taken from Colombo and plans should be sent based on the requirements of the rural level through the District Coordination Committees by structural committees. She further noted that all officials, from the Ministry of Education down to the school level, must commit to working efficiently and with a human-centered approach.

The Prime Minister made these remarks while addressing a discussion held with education authorities of the Hambantota District on Thursday [February 12] at the auditorium of the Hambantota District Secretariat regarding the new education reforms and prevailing issues in the education sector.

During the meeting, the Prime Minister provided an opportunity for education authorities including chief prelates of pirivenas, zonal education directors, teacher advisors, and principals to present the challenges they face and officials raised concerns including salary disparities among principals, developing school infrastructure, issues arising from the division between national and provincial schools, and uplifting pirivena education.

Further elaborating, Prime Minister stated:

“The new education reforms were initiated from 2025 through dialogue, consultations, and the collection of necessary data. As officials, you have extended your support to us during this process. We have embarked on a difficult and long journey, and we look forward to your continued cooperation.

We initiated these reforms in response to a strong social demand. Many have attempted such reforms at different times. Within our political vision, we understood clearly that if this country is to be rebuilt, an educational transformation is essential. The human resource is the most valuable resource of this country and it should be nurtured properly.

Solutions to many of the crises our country faces lie within the education system. Addressing the issues in economic challenges, social issues, drug abuse, violence, the breakdown of political culture, corruption, waste, and even the deterioration of human relationships all lie within the education.

In order to achieve the transformation we envision as a government, that an education transformation is necessary.

This education system should focus on reducing the pressures within the system, minimize school dropouts, increase employability, and instill confidence in children about their future.

There are disparities within the school system, between rural and urban schools, national and provincial schools, and difficult schools. This should not happen. All children must have equal opportunities.
⁣
Decisions regarding the establishment of schools or expansion of classes should not be political decisions. They must be decisions taken through Structural Committees. Those representatives understand their divisions, village economies, and population dynamics. Based on your decisions and assessments of needs, prepare the plans, discuss them with the District Coordination Committees, and submit them to us. We will then take steps to provide the necessary allocations and other support. We will not make decisions for the rural level while sitting in Colombo.

We are taking steps to minimize salary disparities. A Cabinet paper regarding the salary anomalies of principals has already been prepared for submission. Steps are also being taken to introduce new reforms in pirivena education through the Pirivena Committee of the Ministry of Education. We require the support of the chief prelates in this regard.

A significant number of teachers turn to human rights due to delays caused by inefficiency. Therefore, all officials from the Ministry of Education down to the schools must commit to working efficiently and in a humane manner”

The discussion was attended by Chief prelates of pirivenas, deputy ministers, Members of Parliament, zonal directors, principals, and other education sector officials.